Reporting entities under the AML/CFT Act
Who must comply with the Act and how
The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 imposes obligations on businesses that provide certain financial services. These businesses are known as ‘reporting entities’.
When registering as a financial service provider, you need to declare whether or not you are a reporting entity.
Who is a reporting entity?
Reporting entities are defined in the AML/CFT Act, and supervised by the Department of Internal Affairs.
Not all financial service providers will be reporting entities, so it is important to be sure about your status and responsibilities under the AML/CFT Act. Failure to meet your obligations could result in a significant fine, or even imprisonment.
For further information about reporting entities, please refer to the Department of Internal Affairs website. You may also wish to seek professional legal advice.
Other guides in
Registering a financial service provider (FSP)
- Preparing to register as a financial service provider
- Registering an FSP as an individual
- Registering an FSP as an entity
- Registering a financial service provider from overseas
- Amending, withdrawing or discarding an application
- Criminal history checks
- Code of conduct for financial advice services
- Requirements for financial advice providers and financial advisers